Electric Bikes Market Growth Outlook and Future Scope to 2030 | Yamaha Motor Co., Ltd., Giant Manufacturing Co Ltd, Accell Group N.V.

Global Electric Bikes Market, delivering a must-read report for industry stakeholders wanting to understand the strategic landscape of this increasing sector. Readers will find an in-depth analysis of the market and how it will impact existing traditional markets, as well as insights into future development and opportunities across the globe.

According to the study, the global electric bikes market is expected to grow from $18.88 billion in 2019 and to $19.17 billion in 2020 at a growth rate of 1.54%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $24.52 billion in 2023 at a CAGR of 8.56%.

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Key Players:

Yamaha Motor Co., Ltd., Giant Manufacturing Co Ltd, Accell Group N.V., Trek Bikes, Mahindra & Mahindra Ltd., BionX International Corporation., JIANGSU XINRI E-VEHICLE CO., LTD., Robert Bosch GmbH, Derby Cycle Holding GmbH, and Panasonic Corp, request sample for a complete list of companies.

The leading players of the industry, their market share, product portfolio, company profiles are covered in this report. The competitive market scenario among players will help the industry aspirants in planning their strategies.

Summary

The electric bikes market consists of sales of electric bikes and related services for transportation purposes. The electric bike has an integrated electric motor, pedals, and rechargeable batteries for forwarding propulsion. Rechargeable batteries vary according to the voltage, total charge capacity (amp hours), weight. Depending upon motor and rechargeable battery used in E-bikes its prices vary accordingly.

The Asia Pacific was the largest region in the electric bikes market in 2019.

The companies operating in the electric bike market have started implementing artificial intelligence to increase the efficiency of electric bikes. Artificial intelligence is being used to provide features such as swipe start, geotagging, real-time battery checking, and antitheft features. Following the trend, in 2019, Revolt launched its RV 400 electric bike in India equipped with AI capabilities. The bike when charged for 4 hours can travel up to a distance of 156km. It allows connectivity with android and IOS phones to enable the user to check the range, total riding hours, and real-time diagnostics. Thus, the major players in the industry are investing in the trend of implementing AI in e-bikes.

High purchase cost and maintenance cost of electric bikes (E-bikes) are expected to limit the growth of the E-bikes market. E-bike has an integrated electric motor and rechargeable batteries for forwarding propulsion. E-bikes are expensive because of their battery and motor installed in it. According to eBikesHQ article, E-bikes range in cost between $600 to over $8000 which is not an affordable option for a lot of people in developing countries. Moreover, E-bikes average battery replacement cost is between $350- $450. This increases the overall operating cost of E-bikes making it hard to be maintained by users. Therefore, high purchase costs and maintaining the cost of E-bikes are expected to limit the growth of the E-bikes market.

Government subsidy on the sale of Electric bikes (E-bike) is acting as a major growth driver for the E-bike market. E-bike has an integrated electric motor and rechargeable batteries that reduce pollution by eliminating carbon dioxide emissions in the environment. Therefore, various government and non-governmental agencies are augmenting the sales of electric bikes by providing incentives and subsidies on the purchase of E-bikes. For instance, in 2015 the Indian government announced an incentive scheme named Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the incentive scheme of FAME II, in 2019, the government provides a subsidy of up to INR 10,000 for the purchase of electric scooters/electric bikes buyers. Thus, government subsidies and incentives are increasing the growth of the E-bikes market.

Markets Covered:
1) 1) By Product Type: Pedal assist/Pedelecs; Power on Demand; Pedal Assist with Power on Demand
2) By Battery Type: Li-ion; Lead Acid; Others;
3) By Motor Type: Hub motor; Mid motor; Others

Market Segment by Regions:

Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

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Frequently Asked Questions about “Electric Bikes market” :

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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or 3 countries or nearly 40 analyst hours.

Note:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain have been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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This release was published on openPR.